As reported in The Age late last month speculation is growing that developer Cbus Property is leading the charge to acquire a combined development site at 140-150 Queen Street and 27 McKillop Street.
This would follow what would appear to be a pre-emptive purchase of a neighbouring site at 423 Bourke Street, which an 11-storey office block currently occupies.
Combined all three sites would result in a approx. 3,000 sqm development site capable of accommodating a base Gross Floor Area of 54,000 sqm under the 18:1 Floor Area Ratio currently permitted in the Central City Zone.
With all this in mind, we at Urban Melbourne have decided to revisit an earlier study on the potential development opportunity of the sites sans 423 Bourke Street from late last year.
The piece also provides a brief history of the site and the protracted legal battle between adjoining owners CEL Australia (the now defunct Tower Melbourne) and Colonial Range (140 Queen Street + 27 McKillop Street).
Revisiting the development potential of the site, I decided to change tact from the previous study and work on the premise of achieving a similar height development to Tower Melbourne's 226m of height.
The expanded site area allowed for a re-orientation of commercial floor plates and the ability to provide a north facing park along the Queen Street frontage which ties into the surrounding laneway network.
A mixed-use building of 226m and 62-storeys was achieved providing a statement building to the corner which extends beyond the heights of the under construction 405 Bourke (39-storeys / 161m), 385 Bourke Street (43-storeys / 169m) and ANZ Gothic (37-storeys / 162m).
A development of this scale would result in an overall Gross Floor Area of 78,760m2 and an FAR of 26.25:1. This would require a Floor Area Uplift (FAU) of 8:1 or 24,760m2 which represents an additional 44% of floor area.
This breakdown is reflected in the diagram below. To achieve this, a number of public benefits would be required. These are covered by the provision of commercial floor space, public open space, the Sky Park, and the hotel component.